Highlands Bankshares, Inc. Financial Ratios — HBSI Stock

Profitability (USD)

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Return on Common Equity (%)	8.13	11.03	12.06	13.12	12.37	12.19	7.76	3.6	3.11	5.05	6.57	6.35	6.83	4.36	6.67
Return on Assets (%)	0.75	1.07	1.19	1.3	1.26	1.31	0.85	0.39	0.35	0.61	0.86	0.85	0.93	0.61	0.95
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	7.82	6.25	4.89	3.81	3.88	4.41	4.57	5.19	5.19	4.02	4.79	3.99	3.23	3.58	3.83
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	24.38	32.55	36.37	38.41	38.09	38.47	26.62	11.85	10.32	19.17	26.28	26.4	28.15	27.16	25.1
Profit Margin (%)	16.77	21.94	24.18	25.11	24.44	24.81	17.7	8.46	7.44	13.12	18.41	18.2	20.01	12.96	19.65
Net Income to Common Margin (%)	16.77	21.94	24.18	25.11	24.44	24.81	17.7	8.46	7.44	13.12	18.41	18.2	20.01	12.96	19.65
Effective Tax Rate (%)	31.19	32.6	33.51	34.62	35.84	35.52	33.52	28.67	27.88	31.56	29.92	31.05	28.94	52.27	21.7
Dvd Payout Ratio (%)	36.05	28.23	31.01	29.9	30.88	30.12	46.19	87.31	43.25	22.47	29.91	40.14	38.72	61.77	56.7
Sustainable Growth Rate (%)	5.2	7.92	8.32	9.2	8.55	8.52	4.18	0.46	1.77	3.91	4.61	3.8	4.18	1.67	2.89

Credit (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Total Debt	5	10	15	15	12	16	11	9	11	4	4	6	7	5	10
ST Debt	- -	2	- -	- -	- -	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	5	8	15	15	12	11	11	9	11	4	4	6	7	5	10
Total Debt/EBITDA	5.09	11.35	19.59	21.89	16.01	18.23	12.53	9.61	11.59	5.24	4.56	8.3	11.43	7.28	13.82
Net Debt/EBITDA	-2.98	3.87	6.83	9.13	2.75	9.08	2.22	-2.48	-0.42	-11.67	-15.81	-9.32	-10.82	-11.88	-7.23
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.27	10.07	9.73	10.08	10.29	11.19	10.83	11.09	11.17	12.85	13.27	13.45	13.86	14.19	14.31
Long-Term Debt/Equity (%)	17.92	26.46	44.31	40.44	29.12	28.72	26.23	22.71	26.98	8.29	8.38	12.37	13.53	9.61	19.69
Long-Term Debt/Capital (%)	15.95	20.64	31.45	29.4	23.16	19.36	19.75	17.48	19.94	7.16	7.07	10.17	11	7.96	15.07
Long-Term Debt/Total Assets (%)	1.76	2.79	4.46	4.2	3.1	2.99	2.66	2.35	2.78	0.99	1.01	1.52	1.71	1.23	2.54
Total Debt/Equity (%)	17.92	32.78	44.31	40.44	29.12	40.91	26.23	22.71	26.98	8.35	8.38	12.37	13.53	9.61	19.69
Total Debt/Capital (%)	15.95	25.57	31.45	29.4	23.16	27.57	19.75	17.48	19.94	7.2	7.07	10.17	11	7.96	15.07
Total Debt/Total Assets (%)	1.76	3.46	4.46	4.2	3.1	4.26	2.66	2.35	2.78	1	1.01	1.52	1.71	1.23	2.54
Net Debt to Equity	-10.51	11.18	15.44	16.88	5	20.37	4.64	-5.85	-0.97	-18.61	-29.06	-13.88	-12.81	-15.67	-10.3
Net Debt/Capital (%)	-12.52	10.49	13.78	14.81	4.92	15.94	4.18	-5.77	-0.91	-20.93	-35.87	-14.57	-13.25	-16.42	-10.24
EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
EBITDA-CapEx	1	1	1	1	1	- -	-1	- -	1	- -	- -	- -	-1	-2	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.27	10.07	9.73	10.08	10.29	11.19	10.83	11.09	11.17	12.85	13.27	13.45	13.86	14.19	14.31
Long-Term Debt/Equity (%)	17.92	26.46	44.31	40.44	29.12	28.72	26.23	22.71	26.98	8.29	8.38	12.37	13.53	9.61	19.69
Long-Term Debt/Capital (%)	15.95	20.64	31.45	29.4	23.16	19.36	19.75	17.48	19.94	7.16	7.07	10.17	11	7.96	15.07
Long-Term Debt/Total Assets (%)	1.76	2.79	4.46	4.2	3.1	2.99	2.66	2.35	2.78	0.99	1.01	1.52	1.71	1.23	2.54
Total Debt/Equity (%)	17.92	32.78	44.31	40.44	29.12	40.91	26.23	22.71	26.98	8.35	8.38	12.37	13.53	9.61	19.69
Total Debt/Capital (%)	15.95	25.57	31.45	29.4	23.16	27.57	19.75	17.48	19.94	7.2	7.07	10.17	11	7.96	15.07
Total Debt/Total Assets (%)	1.76	3.46	4.46	4.2	3.1	4.26	2.66	2.35	2.78	1	1.01	1.52	1.71	1.23	2.54
CFO/Total Liabilities	1.9	2.04	1.66	1.86	1.47	1.55	0.85	2.02	1.94	2.1	1.43	0.97	1.39	1.11	1.49
CFO/CapEx	- -	- -	- -	- -	- -	8.16	1.59	5.33	23.97	16.07	8.69	6.32	2.73	1.37	10
Altman's Z-Score	0.18	0.2	0.2	0.21	0.21	0.22	0.2	0.2	0.2	0.24	0.25	0.25	0.27	0.29	0.3

Working Capital (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Accounts Receivable Turnover	14.62	- -	- -	- -	- -	18.52	9.31	10.18	11.32	12.64	13.28	13.97	14.54	14.18	14.17
Days Sales Outstanding	24.96	- -	- -	- -	- -	19.71	39.18	35.85	32.25	28.88	27.48	26.12	25.1	25.74	25.76
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Market Capitalization	20	18	22	24	23	22	17	15	11	22	24	23	34	40	47
- Cash & Cash Equivalents	8	7	10	9	10	8	9	12	12	12	18	13	13	13	16
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5	10	15	15	12	16	11	9	11	4	4	6	7	5	10
Enterprise Value	16	21	28	30	25	30	19	13	11	-24	-29	-21	-5	2	15
Total Capital	33	41	48	51	51	58	55	54	56	53	55	60	63	62	70
Total Debt/Capital (%)	15.95	25.57	31.45	29.4	23.16	27.57	19.75	17.48	19.94	7.2	7.07	10.17	11	7.96	15.07
Total Debt / EV	0.32	0.48	0.55	0.5	0.48	0.54	0.58	0.74	1.04	-0.16	-0.13	-0.29	-1.41	2.61	0.7
EV/Sales	1.24	1.47	1.75	1.67	1.29	1.49	0.98	0.67	0.58	- -	- -	- -	- -	0.1	0.76
EV/EBITDA	15.84	23.46	35.83	43.72	33.3	33.66	21.45	12.98	11.17	- -	- -	- -	- -	2.79	19.7
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	3.19	3.93	5.48	5.02	4.93	5.67	5.94	1.75	1.54	- -	- -	- -	- -	0.49	2.8
EV/Free Cash Flow to Firm	3.19	3.93	5.48	5.02	4.93	5.05	3.65	1.47	1.48	- -	- -	- -	- -	0.28	2.54
Diluted Market Cap	20	18	22	24	23	22	17	15	11	22	24	23	34	40	47
Diluted Enterprise Value	16	21	28	30	25	30	19	13	11	14	10	16	28	32	42
EV per Share	11.48	14.92	19.17	20.84	17.1	21.51	13.91	9.49	8.11	- -	- -	- -	- -	1.42	11.19
TTM Sales	13	15	16	18	19	20	19	19	19	18	18	18	19	19	20
TTM EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	5	5	5	6	5	5	3	7	7	7	5	3	5	4	5
TTM Free Cash Flow to Firm	5	5	5	6	5	6	5	9	7	8	5	4	7	7	6

Multiples (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Price/Free Cash Flow	3.79	3.28	4.44	3.97	4.52	3.69	3.27	1.75	1.54	2.96	4.41	5.94	5.12	5.94	8
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	16	21	28	30	25	30	19	13	11	-24	-29	-21	-5	2	15
Low Price	21.51	24.15	25	31	29.25	27	21	18.1	13.8	14.45	22.85	23	25	34.5	40.15
EV/Sales	1.24	1.47	1.75	1.67	1.29	1.49	0.98	0.67	0.58	- -	- -	- -	- -	0.1	0.76
EV/EBITDA	15.84	23.46	35.83	43.72	33.3	33.66	21.45	12.98	11.17	- -	- -	- -	- -	2.79	19.7
Price/Earnings	8.78	5.58	5.87	5.25	4.85	4.37	4.97	9.49	8.08	9.38	7.23	6.99	9.18	16.31	12.11
Price/Earnings Average	8.11	5.64	5.34	5.09	5.31	4.69	5.61	10.84	9.71	7.07	6.39	6.73	7.32	15.11	11.45
Price/Earnings High	19.95	13	12.09	10.42	10.76	10.58	13.94	24.98	18.58	14.74	10.91	11.04	12.82	22.74	17.02
Price/Earnings Low	13.84	10.82	9.45	9.87	9.03	7.51	8.37	15.2	13.25	8.11	9.24	9.23	8.96	18.68	13.8
Price/Book Value	0.7	0.59	0.68	0.66	0.57	0.51	0.38	0.34	0.25	0.45	0.46	0.44	0.61	0.7	0.8
Price/Book Value Average	0.65	0.6	0.62	0.64	0.63	0.55	0.43	0.39	0.3	0.34	0.41	0.42	0.49	0.65	0.75
Price/Book Value High	1.6	1.38	1.4	1.31	1.28	1.24	1.06	0.9	0.57	0.71	0.7	0.69	0.86	0.98	1.12
Price/Book Value Low	1.11	1.15	1.09	1.24	1.07	0.88	0.64	0.55	0.41	0.39	0.59	0.57	0.6	0.8	0.91
Price/Tangible Book Value	0.66	0.57	0.72	0.7	0.6	0.59	0.43	0.39	0.28	0.51	0.53	0.49	0.69	0.8	0.91
Price/Tangible Book Value Average	0.61	0.57	0.66	0.67	0.66	0.64	0.48	0.44	0.34	0.38	0.47	0.47	0.55	0.74	0.86
Price/Tangible Book Value High	1.51	1.32	1.49	1.38	1.34	1.43	1.2	1.02	0.66	0.8	0.8	0.77	0.97	1.12	1.28
Price/Tangible Book Value Low	1.05	1.1	1.17	1.31	1.12	1.02	0.72	0.62	0.47	0.44	0.68	0.65	0.68	0.92	1.04
Price/Sales	1.47	1.23	1.42	1.32	1.18	1.08	0.88	0.8	0.6	1.23	1.33	1.27	1.84	2.11	2.38
Price/Sales Average	1.36	1.24	1.29	1.28	1.3	1.16	0.99	0.92	0.72	0.93	1.18	1.23	1.46	1.96	2.25
Price/Sales High	3.35	2.85	2.92	2.62	2.63	2.62	2.47	2.11	1.38	1.93	2.01	2.01	2.56	2.95	3.34
Price/Sales Low	2.32	2.37	2.28	2.48	2.21	1.86	1.48	1.29	0.99	1.06	1.7	1.68	1.79	2.42	2.71
Price/Cash Flow	3.79	3.28	4.44	3.97	4.52	4.14	5.33	2.08	1.6	3.15	4.92	6.88	7	10.26	8.8
Price/Cash Flow Average	3.5	3.31	4.04	3.85	4.96	4.44	6.02	2.38	1.93	2.38	4.34	6.63	5.58	9.51	8.32
Price/Cash Flow High	8.61	7.63	9.15	7.89	10.04	10.02	14.96	5.48	3.68	4.95	7.42	10.87	9.77	14.31	12.37
Price/Cash Flow Low	5.97	6.35	7.15	7.47	8.43	7.12	8.98	3.34	2.63	2.73	6.28	9.09	6.83	11.75	10.03
Price/Free Cash Flow Average	3.5	3.31	4.04	3.85	4.96	3.95	3.7	2	1.85	2.24	3.89	5.73	4.08	5.5	7.57
Price/Free Cash Flow High	8.61	7.63	9.15	7.89	10.04	8.92	9.18	4.62	3.54	4.66	6.65	9.39	7.15	8.28	11.24
Price/Free Cash Flow Low	5.97	6.35	7.15	7.47	8.43	6.34	5.51	2.81	2.52	2.57	5.63	7.85	5	6.8	9.12
EV/Sales Average	1.13	1.48	1.62	1.63	1.41	1.56	1.09	0.79	0.7	0.46	0.42	0.85	1.11	1.53	1.97
EV/Sales High	3.11	3.09	3.26	2.96	2.74	3.02	2.57	1.98	1.36	1.46	1.25	1.64	2.21	2.52	3.07
EV/Sales Low	2.09	2.62	2.62	2.83	2.31	2.26	1.58	1.16	0.96	0.6	0.94	1.31	1.44	2	2.43
EV/EBITDA Average	14.4	23.65	33.22	42.67	36.26	35.42	23.95	15.19	13.52	11.42	8.75	21.4	34.42	42.83	51.43
EV/EBITDA High	39.81	49.46	66.62	77.83	70.6	68.54	56.19	38.23	26.25	36.46	26.17	41.05	68.43	70.45	79.95
EV/EBITDA Low	26.71	41.84	53.54	74.16	59.7	51.33	34.6	22.29	18.6	14.83	19.71	32.81	44.6	55.75	63.49
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	13.64	12.46	15.52	16.49	15.69	15.71	12.47	11.3	8.41	16.7	17.89	17.41	25.6	30.12	35.22
High Price	31	29	32	32.75	34.85	38	35	29.75	19.35	26.25	27	27.5	35.75	42	49.5
Enterprise Value Average	15	22	26	29	27	31	21	15	13	8	8	16	21	29	39
Enterprise Value High	41	45	51	53	52	61	49	37	25	27	23	30	41	48	61
Enterprise Value Low	28	38	41	51	44	45	30	22	18	11	17	24	27	38	48

Shares Outstanding	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Diluted Weighted Avg Shares	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Basic Weighted Avg Shares	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Revenue per Share	9.26	10.17	10.94	12.51	13.25	14.49	14.19	14.08	13.99	13.58	13.43	13.69	13.94	14.25	14.8
EBITDA per Share	0.72	0.64	0.54	0.48	0.51	0.64	0.65	0.73	0.73	0.55	0.64	0.55	0.45	0.51	0.57
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.55	2.23	2.65	3.14	3.24	3.59	2.51	1.19	1.04	1.78	2.47	2.49	2.79	1.85	2.91
Basic EPS from Cont Ops	1.55	2.23	2.65	3.14	3.24	3.59	2.51	1.19	1.04	1.78	2.47	2.49	2.79	1.85	2.91
Diluted EPS, GAAP	1.55	2.23	2.65	3.14	3.24	3.59	2.51	1.19	1.04	1.78	2.47	2.49	2.79	1.85	2.91
Diluted EPS from Cont Ops	1.55	2.23	2.65	3.14	3.24	3.59	2.51	1.19	1.04	1.78	2.47	2.49	2.79	1.85	2.91
Dividend per Share	0.56	0.63	0.82	0.94	1	1.08	1.16	1.04	0.45	0.4	0.74	1	1.08	1.14	1.65
Cash Flow per Share	3.6	3.8	3.5	4.15	3.47	3.79	2.34	5.43	5.25	5.3	3.64	2.53	3.66	2.94	4
Free Cash Flow per Basic Share	3.6	3.8	3.5	4.15	3.47	3.33	0.87	4.41	5.03	4.97	3.22	2.13	2.32	0.8	3.6
Cash & Equivalents per Share	5.85	4.76	6.83	6.08	6.81	5.85	6.69	8.84	8.71	37.58	42.73	37.7	34.42	32.41	31.88
Book Value per Share	19.42	21.03	22.85	25.05	27.29	30.61	33.02	33.17	33.76	36.78	38.52	40.01	41.72	42.96	44.22
Tangible Book Value per Share	20.56	21.99	21.42	23.69	26.09	26.5	29.07	29.18	29.53	32.82	33.73	35.49	36.96	37.48	38.67

Highlands Bankshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)